Are you someone looking for an affordable insurance plan that offers protection for your family and peace of mind for you? The Government of India has introduced two such amazing schemes: PMSBY (Pradhan Mantri Suraksha Bima Yojana) and PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana). These are simple, low-cost insurance plans specially designed for the common man. In this blog, we’ll break down what these plans are, their benefits, eligibility, and how you can enroll.
🔹 What is PMSBY?
PMSBY stands for Pradhan Mantri Suraksha Bima Yojana. It is a pure accident insurance plan which provides financial support in case of accidental death or disability.
✅ Key Features:
- Annual Premium: Just ₹20 per year.
- Coverage Amount: Up to ₹2,00,000.
- Entry Age: 18 to 70 years.
- Exit Age: Can be renewed until the age of 70.
- Coverage Period: 1st June to 31st May every year.
- Eligibility: Available for all savings account holders.
- Insurer: TATA AIG General Insurance Company Limited.
- Enrollment Mode: Through bank (EASYPAY process).
🛡️ Who Should Buy PMSBY?
Anyone who wants basic accident insurance at a very low cost should consider PMSBY. Whether you are a student, daily wage worker, homemaker, or even a salaried employee, this policy adds a layer of security for your family.
🔹 What is PMJJBY?
PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. It is a pure term life insurance plan that provides coverage in case of the policyholder’s death (for any reason, not just accident).
✅ Key Features:
- Annual Premium: Varies based on enrollment month:
- ₹436 (June to August)
- ₹342 (September to November)
- ₹228 (December to February)
- ₹114 (March to May)
- Coverage Amount: ₹2,00,000 (fixed sum).
- Entry Age: 18 to 50 years.
- Exit Age: Renewable up to the age of 55 years.
- Coverage Period: 1st June to 31st May.
- Eligibility: All savings bank account holders can enroll.
- Insurers: Max Life Insurance Company Limited & Bajaj Allianz Life Insurance Company Limited.
- Enrollment Mode: Bank branch (EASYPAY process).
🛡️ Who Should Buy PMJJBY?
If you are the earning member of your family, this plan ensures that your loved ones are financially secure even in your absence. It’s ideal for salaried employees, self-employed individuals, and small business owners.
📝 How to Enroll?
Both PMSBY and PMJJBY can be easily enrolled through your bank’s branch or online banking portal (if available). You just need to have a savings account and give your consent through EASYPAY or a similar facility.
🧾 Final Thoughts
Both these schemes are part of the Government of India’s effort to promote financial security and insurance coverage for the masses. For just ₹20 or a few hundred rupees a year, you can get coverage worth ₹2 lakh — a small investment for a big safety net!
So, don’t wait. If you or your family members are eligible, enroll today in PMSBY and PMJJBY and secure your future.
🔔 Tip: Check with your bank for the last date of enrollment and whether auto-debit for renewal is enabled to ensure uninterrupted coverage.
Stay protected. Stay insured.
